Cameco Corp. and Global Laser Enrichment have finalized an offtake agreement that makes Cameco the exclusive buyer and seller of all uranium products from the planned Paducah Laser Enrichment Facility in McCracken County, Kentucky. Silex Systems, which owns 51 percent of GLE, announced the agreement. Cameco owns the remaining 49 percent.
The Paducah facility is expected to begin operations by 2030, subject to government support, market and industry conditions, a positive feasibility assessment and a final investment decision. If the project proceeds, the plant could produce uranium in several forms, starting with natural-grade uranium hexafluoride and expanding to enriched uranium products.
Under the terms, GLE will receive pricing equal to Cameco's average realized price across its long-term contracting portfolio, net of selling costs, on an annual basis. The structure lets GLE avoid building its own sales and marketing operation.
The agreement follows several steps for the Kentucky project this year. In March, the Commonwealth of Kentucky and McCracken County granted preliminary approval for an incentive package worth as much as $98.9 million in tax and economic incentives, tied to GLE meeting investment and job creation thresholds. Also in March, the Nuclear Regulatory Commission, working with the U.S. Army Corps of Engineers, completed a draft environmental impact statement for GLE's application to construct and operate the facility.
Cameco raised its interest in GLE from 29 percent to 49 percent in 2021 and holds an option to reach as much as 75 percent. That larger stake followed a GLE agreement with the Department of Energy to re-enrich depleted uranium tails left over from past enrichment technologies.
Source: ANS Nuclear Newswire - https://www.ans.org/news/2026-09-22/article-8420/cameco-becomes-selling-agent-for-all-global-laser-enrichment-output/